In a rather dour Friday morning surprise, the U.S. unemployment rate hit 10.2%. There have been predictions for months that the unemployment rate would exceed 10%, but as the economy started showing signs of life, hope was emerging along the lines of thinking that maybe that psychologically important level could be avoided. This morning’s non-farms payroll data destroyed all such thoughts.
However, even though the news sent stocks a little lower initially, they are inching up, desperate to remain in the black, even with the news. Even though the unemployment rate is higher, job loss is moving at a slower pace, …read more

On Friday, the Labor Department will release its jobs report. While many economists view the possibility as unlikely, there’s a chance that the unemployment rate could top 10%.
Last month, the unemployment rate was 9.7%. Most experts believe that this month’s percentage will be about 9.8%. However, some experts believe this is the month that unemployment reaches double figures.
Even if this isn’t the month the jobless rate hits 10%, experts agree that it is only a matter of time. In fact, the peak of unemployment isn’t expected for another six months to a year.
While the recession has technically ended, the unemployed …read more

Not long ago, there were hopes that the unemployment rate in the United States would stay below 10%. Now it’s simply a matter of when rather than a question of if.
Fifteen out of the fifty states already have a 10% unemployment rate. Many other stats are right of the verge of hitting double figures.
Michigan has been the hardest hit, which isn’t surprising since the state has relied so much on the auto industry over the years. With GM and Chrysler both bankrupt, many Michigan workers lost their jobs. Currently, Michigan has an unemployment rate of over 15%.
Other states that have …read more